Bouncing banks
THIS WEEK and next the big four banking groups will amble forward to explain how they have just made £6 billion in six months. Their version is awaited by the scion of a City dynasty whose cheque came bouncing back to him. He was paying his credit card bill, and the date on his cheque was the date on which the bill was due for payment. This professional touch was wast- ed on his bank, which just stamped the cheque 'Please re-present' and returned it. He has not been obliged to resign from his clubs, and his friends are still speaking to him, but his bank had every reason to know that his credit was good, since he had just sold a business to it for what I would call a large amount of money. How did the big banks make their £6 billion? Out of the cus- tomers, silly.
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